10 Common IRA Mistakes You Don't Want to Make - 44

There are plenty of options when it comes to IRAs, but with plenty of options can come plenty of mistakes. In episode 44 of the YMYW podcast, learn from Joe Anderson, CFP® and Big Al Clopine, CPA how to ensure you don't blow it with your IRA. Find out how to avoid the 10 most common IRA mistakes you don't want to make. Original publish date Junly 2, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.  00:00 - Intro 01:09 - "Now we're in the month of July and the Baby Boomers are turning 70 ½ and having to take the required distributions. There are a lot of mistakes (made) and a lot of penalties." 07:14 - "With regards to the 401(k), if you are still working in the company and you're not more than a 5% owner of that company, you're able to delay that required beginning date to April 1st of the following year that you finally separate from service" 09:22 - "I've been a CPA for over thirty years and it does amaze me how many people fail to get the message about tax planning and the rules until they make mistakes that could cost them thousands." 12:49 - "If you're inheriting retirement accounts, you have to know what is going on. Unfortunately, they're one of the most complex tax rules when it comes to these things because of the benefits you get while you're alive." 17:13 - "If there's more than one beneficiary, let's say three children, then the inherited IRA must be split by the end of the year into separate properties, separately titled inherited IRAs in order for each beneficiary to take advantage of the stretch IRA based upon his or her own life expectancy." 21:17 - "If your spouse is significantly older than you and passes away and you keep it in the decedent spouse's name, then that IRA will have to take a required distribution as if that spouse was still alive." 27:22 - "Seeking professional advice on this stuff is so critical. If it's not with us, find someone who understands taxes in retirement and can put all of this together [for you]." 32:37 "Should I do the Roth provision [in the 401(k)] or should I do the pre-tax? Look at line 43 of your tax return because it will determine what portion of your income is taxable." 37:07 - "If you save money in taxes, your money is going to last you that much longer."

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